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Thursday, October 12, 2017

Elliott Wave Stock Market Update - October 12

The market managed to make another marginal higher ATH today and if a bigger impulse is to come, 2541 can not be breached on a pullback in the next few days. If support is not breached, then we should see buying accelerate and push the index towards the 2560-2570 level. Given the high at 2555 and the original target I mentioned exactly a month ago being 2560, the market could be done with the entire structure since there are enough waves in place. My gold has done well and should continue much higher if we see a bigger correction in equities in the next few days.

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking